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The fate of Next tells us much less about the rest of the high street than it is given credit forCredit:
Paul Faith/PA

Business commentators love a bellwether. Britain’s original bellwether was ICI. During its heyday, the chemicals giant was so influential that it was seen as a proxy for the industrial health of the entire nation.

However, once the sprawling ICI empire began to be broken up in the early Nineties following a bruising takeover spat with Lord Hanson, the company soon ceased to be so important. Perhaps, now Next has posted its crucial Christmas trading figures, it is time to stop referring to the retailer as the great bellwether of the high street.

For years, the chain has been the first out of the blocks to report festive numbers, setting the new year mood for the rest of the high street.